By Legal Futures’ Associates Lockton
To say SRA regulated legal practices have experienced tough conditions within the PII market in 2020 may well be perceived as an understatement by some within the profession. With many practices experiencing one of the hardest renewal periods since the commencement of the Open Market in September 2000, after the closure of the Solicitors Indemnity Fund and with the size and the profile of a practice combined with its unique characteristics playing a significant part in the premiums being proposed.
In our review, we look at what happened during the October renewal season, identify key factors that influenced the environment and analyse high level aggregate data to help provide some rationale as to why premiums and rates have changed. We conclude by gazing into the crystal ball to make some predictions about what is likely to happen in 2021 and beyond. This will hopefully provide some food for thought as we look towards the new year.
Read the full Lockton Review: PII – A Challenging Environment